CPA Practice Advisor - 5

COVER STORY

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By Jen Wood, CPA

ith "we're closed" signs up around the country and the now broken line
between work and home life, it's difficult to imagine how any industry
could make strides toward innovation and efficiency during the COVID-19
pandemic. Undoubtedly, as the pandemic took hold in the U.S. and we were forced
suddenly to make our homes our offices (and in parents' cases our schools too)
it was difficult to do anything more than keep the ship afloat.
In time, we've grown to acknowledge and accept
the work from home challenges we're all facing - from
screaming children, to barking dogs, to unstable internet
connections, to doorbells announcing countless Amazon
deliveries. We've also embraced a new level of flexibility
and fluidity, for better or worse. It's important that we find
time to invest in ourselves to avoid burnout. I know firsthand
how difficult disconnecting can be. My husband's out of
office message literally reads, "I'm on vacation, but due to
COVID-19 I'm a whiffle ball throw away from my laptop so
give me a call if you need me."

All the lessons we've learned from the pandemic so
far have played a role in disrupting the status quo and the
same holds true for the auditing profession. As those in
the profession are all too aware, we have audited the same
way for decades. Despite living in a world where data and
technology is everywhere, the auditing function has been
the slow to change.
Prior to COVID-19, a distinct shift had started to occur
as clients saw an opportunity for accountants to audit
differently and analyze the full depth of available financial
information in order to access more valuable insights to
guide their business strategies. Clients also realized that
they could benefit if accountants utilized technology solutions instead of working onsite taking up their conference
room space for several weeks at a time. While auditing
professionals were hesitant to make these changes and
shift away from their longstanding methods, COVID-19 made
change inevitable.
In order to prepare for the future, accounting firms
are realizing that they need to build tech-savvy teams
who can respond faster and more efficiently. The world
is changing, and the audit of the future is going to
require more than just CPAs. Firms need to diversify
and prepare their people, providing them with the
technology experience and knowledge necessary
to perform audits in a different way. Firms also
need to reemphasize and prioritize critical thinking
skills, encourage their teams to use data to generate
deeper insights. Additionally, whether in person or
remote, a healthy sense of professional skepticism is
always important in auditing, but even more so when
you aren't physically with someone. Communication
skills are also increasingly important among both team-

mates and clients as face-to-face interaction dwindles.
This guidance and enhanced skillset apply not only to
auditors, but to all teams in a remote work environment. As
a partner who's constantly thinking about solutions for the
challenges my teams face, I recommend that other leaders:
* Think about and define a future workforce strategy based
on what we know and with opportunity to reevaluate and
adapt as needed in the future.
* Remember the basics of leadership and establishing clear
communication around how and when your team members
can work. Being agile and resilient is the new normal way
we all need to work regardless of what profession you're in.
* Manage productivity and be in touch with your teams.
Understand how different people work best and are at their
most productive. Check in with your teams to understand
their strength and weaknesses. Don't be afraid to involve
other experts to help solve problems.
When the pandemic first hit, productivity was expectedly down, but we're adjusting to the new normal and
finding ways to use the changes to our advantage personally and professionally. The transition has afforded us the
opportunity to work longer hours with no commute time
and no restaurants open for long lunches; but it's also given
many the opportunity to spend more time with loved ones.
At the start of the COVID-19 outbreak, we were all reactive,
but now is the time to be proactive and emerge from this
pandemic in a stronger position.
Without diminishing the challenges and tragedy experienced worldwide in the past several months, I believe
this pandemic has advanced the accounting profession at
least five years ahead. It's forced us to change because we
had no choice! It's forced us to think about different ways
to audit. It's forced our people to use technology when
being on site at a client wasn't an option. In those changes
(that may have been difficult to navigate at first), we've
found more efficient and forward-thinking ways of working
and thinking that will serve us well for years to come. ■
After spending nearly 17 years at PwC, Jennifer Wood,
CPA, joined The Bonadio Group as the firm's Director of
Audit Innovation. She is responsible for bringing new
tools and technology to the firm, and thinking about
ways to do things more efficiently and effectively.

SEPTEMBER 2020 ■

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